Hi help me analize this : arlington texas location and this deal

29 Replies

Hi Biggerpocket Communities ,

I have been wanting jumping into this deal, but before I do i would like to ask advise on local or Arlington experts.

2314 bamboo DR 

Arlington texas 76006

1 bedroom condo for 78k, and with taxes and HOA about $200 per month, seller say I can get rent about 850 a month.

sounds like good deal to me. any local people can advise to me regarding location and if is true I can get that much rent for a one bedrom about 500 square feet?

is it goo location?

thank you!

Hi Liz,

One of the biggest factor in which most of us here would like to know is, how much are you putting in for a down payment? 15%, 20%, 25%? The more you put down the higher the cash flow will be for you, so please clarify that to us first. Or should we all surmise that you are paying this condo full price and with cash, if that's the case then you will be cash-flowing tremendously.

According to Rent-O-meter.com, a 1 bedroom at that zip code averages $861 in rent and the median rent is $838 so you are on the mark there when it comes to income.

Hopefully you can get an investor from Arlington to chime in and give you a better idea.

Hi Brian , this is I will pay cash, the loan is too small. Most lender stay away from that when I call :)

The loan is too small, really?

My SFR that I bought just months ago is mortgaged with a 30 year loan and it appraised for $72K. Which lenders did you go to?


At first glance this appears to be a cash flow negative property taking into account insurance, taxes, maintenance, management, and 5% for vacancy. If you provide the actual taxes and insurance expense I'd be happy to run the numbers for you. 

Originally posted by @Brian Adzadi :

The loan is too small, really?

My SFR that I bought just months ago is mortgaged with a 30 year loan and it appraised for $72K. Which lenders did you go to?

What interest rate did you get for this 30 year and what bank did you use? I have also run into loan issues for lower priced properties. Its easier to get a 400k loan than it is to get a 75k loan because of govt regs. 

PM me, I don't want to seem like I am biased or advertising on the forum.

This post has been removed.

A condo in Arlington, TX at 78k she has to pay cash. That thing will go in a heartbeat from a cash buyer if she doesn't. If you find a condo that the bank will lend on in North Arlington you have some good connections. You might have been able to about 6 months ago. Also if you're going to buy a condo in Arlington you might want to put it on a corporate job board. You could rent it out for $1700/mo with traveling nurses. 

I got a mortgage for under 30k on my last property so there are definitely lenders who will do those smaller deals.

I have a 21k mortgage on a condo though yes it takes some looking.  

I see you are in North Carolina. Why Texas rather than north or south Carolina? I own condos in Columbia.  In fact I am under contract for 3 condos in a complex already own one in that rent for  $750, $750, and $700 totalling $2200 gross rent a month.  The contract is for $80k for all 3.

@Caleb Griffin can you PM me your lender informations pls ?

When I call usually they don't turn me down right the way, lender won't call me back or text me.

When I ask lender for big number loan they will call me and follow up with me.

@Anna Buffkin wow that's great deal, I haven't buy North Carolina yet. There is one of the place I wanted to invested originally. I am actually located in New York . I will change that soon.

I did check some local listing on NC and SC didn't find anything with cap rate higher than 10% .

How did you find your property ? Might be you had to rehab ? We can PM if you want. I am very interesting in it

@Myka Artis you are so right , seller did told me he want cash only. I ask for two month closing so I can find someone to lend me . He insist one month at most. So it has to be cash deal.

@Myka Artis corporate job board , what's their website to post ? And how short of rental time are we talking about it?

@Brian Adzadi can you PM me your lender info as well pls? I can PM you from my phone. Thank you

@Randy Visser HOA+ tax is $200 , PM $85, and I usually don't get insurance for condo. It has master insurance itself. I just have tenant get his or her own liability insurance on tenant policy

@liz c

The one I purchase for  $18k needed some cosmetic work.  The ones in the 25-30k range are turnkey or close to.  I found my  $18k on Zillow a few years back.  My 3 under contract are from a retiring landlord I previously purchased from who offered me more units via email.  There are plenty in Columbia in that price range, but you really have to know which areas are good.

@Liz C. You can use corporate housing by owner or just use Airbnb with a 30 - 60 night minimum. I also saw your question about PM's in the area. I'm actually not aware of any because I self manage.

Condo insurance only covers from the drywall out, it doesnt cover paint, appliances, flooring, fixtures etc. If your getting a bank loan they will require insurance. What interest rate can you borrow at and how much cash are you planning on putting down so I can show you the most accurate pro-forma? 

Originally posted by @Liz C. :

Randy Visser HOA+ tax is $200 , PM $85, and I usually don't get insurance for condo. It has master insurance itself. I just have tenant get his or her own liability insurance on tenant policy

@Myka Artis , thank you , being Out of state investor I might have to end up renting someone long term . by the way do you know thise are or condo complex ? is it good location? safe location? 

thanks

@Liz C. Yes that is a good safe location. I almost bought a condo in those complexes about a year ago. If I run across any property managers I'll let you know.

@Myka Artis , thank you so much! is always good to have a local help, I really appreciated .

@Myka Artis do you have good local home inspector who can Recomend to me?

Thanks !

@Liz C. Texas Best Inspections has done great work for me in the past.

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